If you are going to sell a high-end product online, you’ll need to focus on value rather than price. The price of your product needs to reflect the value.
Studies done in the past shows that consumers will buy a $2000 laptop but will think twice about getting a $1000 diamond ring. That means, high-value/expensive products don’t always translate to the price of the products.
So how do customers decided when to buy a high valued product?
It all boils down to the perception of the product. So here are what you can do to sell a high-value product online:
Position Your Price
You have to position your product well if you want to make them valuable. You can do that by adding more expensive products. Let’s say, if you sell an electric scooter NZ, you can add another highly relevant product next to it. If you sell information products like ebooks, you can create a high-value product like a course next to it.
That said, it’s also possible to create a physical product through private development. Studies have shown that putting a more expensive product/service next to a low-cost item doubles the sales of a low item. With this concept, you’ll make the price of an expensive item look smaller.
Enhance the Product’s Value
One way of increasing the value of the product is by telling people what went into the creation of the product. Well, that involves telling your customers what makes your product or services valuable to them. Doing so makes your product becomes valuable to them.
Customers will always appreciate knowing how much time, effort, and skills you went into creating the product or services,
Offer Additional Services
What induces customers to buy the expensive product is the additional services the company provides. For instance, infrared saunas Australia offers warranty and free delivery to Brisbane, Adelaide, and other areas. A tactic like this lures customers to buy a high-value product. Most importantly, it also increases the average order value.
Option to Buy With Installments
If you sell expensive items online, one way of enticing customers is to make sure they can buy with installments. Research states that customers fail to buy a product because of shortage of funds. One way of getting sales from them is to offer them different payment plans for a high-value product. Doing so will increase the sales of the high-value product in your store.
Most eCommerce companies find it tough to sell expensive items since the consumer still want to buy the same items online. If you operate an eCommerce company, the tips we have mentioned above will influence customers to purchase a product from your store.
It always about the perception you create for the product. The good news is, those four tips are essential if you want to create the right perception about the products or services you sell. In the end, this boils down to making sure the customers get an excellent deal.